“Great leaders create more leaders, not followers.” – Roy T Bennett
The greatest responsibility of every leader is to nurture the next generation of leaders. Why?
Good leaders are a rare breed. Research shows that only about 10% of people are natural leaders. Another 20% have the potential to be good leaders with the right nurturing and training.
Your organization might have a handful of such new or aspiring leaders. And the best way to equip yourself for leadership talent management is executive coaching.
Leadership talent management is vital for succession planning. Yet surprisingly, a survey reveals that while most organizations (80%) considered succession planning a top priority, only 41% were actually confident about their strategies to develop leaders.
Grooming leadership talent is a long-term investment that requires great forethought, careful planning, and efficient execution by senior leaders. Executive coaching can equip executives and senior leaders with the right skills to nurture talent proactively.
This blog is a must-read for all executives involved with Talent Management who wish to create a sustainable leadership pipeline for their organizations.
How can executive coaching help manage leadership talent?
Executive coaching can enable executives to create personalized, realistic, action-based strategies to manage promising young leaders. Here’s how.
Goal setting – In talent management, executive coaching enables executives to define the vision and objectives of talent management and then set SMART goals aligned with that vision. Coaching focuses on goal setting as the starting point. These goals are based on the young leader’s potential rather than current or past performance. Why on potential and not performance? When your child comes to you with their progress report,
do you assess their ability based on their performance (which might vary) or their potential? You look at their potential, right? It’s the same when setting goals for key talents.
Assessing Reality –
You can use effective assessment tools such as 360-degree feedback to get an objective, scientific assessment of the talent pool. Executive coaching helps you recognize any personal biases that may affect your assessment. This will make it easier to not let these biases affect your objectivity.
Good Execution –
Any talent management strategy is only as good as its implementation. Executive coaching enables executives to have a focused and consistent approach, which are executive coaching’s strengths. Talent management should be highly individualized for the leaders/professionals you choose. Executive coaching is also a personalized approach and so gives you an understanding of how to customize talent management based on the unique qualities and needs of each aspiring/young leader.
Monitor progress –
For talent management, executive coaching can equip you to identify and address gaps in a timely and suitable manner. Executive coaching helps you understand that change cannot happen overnight. So you have to give a realistic amount of time for results to show.
Providing timely feedback/feedforward can enable your key talents to realign to their goals and re-design actions accordingly. Executive coaching for talent management shows how one can give developmental feedback instead of critical feedback.
Coaching mindset –
Executive coaching can help you develop a coaching mindset and add coaching to your leadership style. Coaching is most effective in bringing out the best in your key talents because of its relentless focus on potential, action-oriented approach, and high sense of personal accountability.
Ensure greater ROI from the program-
The seed for me finding my true calling as a professional coach was planted, ironically, by the year-long talent management program conducted by my organization, a reputed bank in the Middle East. The year was 2008. I was 18-19 years into corporate life. The program helped me realize that banking was not my passion nor my true calling, although I was pretty good at it. The bank may have lost me as an employee, but thanks to them, I found coaching.
So when you are involved in talent management, executive coaching can enable you and help you empower your key talents to assess early on whether or not they are in the right place. This can not only save you time and money investing in them but also help them find a niche that suits their passion, purpose, and skills. Or it could motivate them to invest their talents and skills in your organization. Either way, your organization benefits.
Executive coaching is a marvelous intervention that benefits not only you but also has a cascading effect on the leaders and teams you interact with. Transform your leadership talent management with executive coaching.
Reach out to an executive coach today.
Executive Coaching with Regal Unlimited
Regal Unlimited has unarguably the best ICF-credentialed executive coaches in Bengaluru, Hyderabad, Chennai, and India. Partner with a Regal Coach.